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Dought Regarding HUF?

Ankit Madhogarhia (Pursuing Final) (531 Points)

29 June 2011

Hi,

When can an Individual can start hie HUF file ,and what all the income which generally a aHUF shows in his file.

whether he can show Business income also like U/s 44AD any retail income or any other.

Regards,

Ankit Kumar

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5 Replies

praveen (Chartered Accountant) (6971 Points)
Replied 29 June 2011

HUF is a family concern so stop saying he.

to start a HUF file a person must have a family and must have inherited some property or assets from ansestors.

Provisions are almost same for HUF and Individuals.

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Ankit Madhogarhia (Pursuing Final) (531 Points)
Replied 29 June 2011

Hi,

Thanks for the prompt response.do let me know can a HUF file busines income

Regards,

Ankit Kumar

nitin (C.A. Final 2nd group) (58 Points)
Replied 29 June 2011

@ ankit.....

yes HUF can file business income......

CA PARAS BAFNA (Practising CA ) (33428 Points)
Replied 29 June 2011

Dear Ankit,

It was the Business only , due to which HUF has been recognised as a separate person in The Income Tax Act by the British. At that time all the members of family were carrying on the same business jointly.

Now HUF is being used as a tool of tax planning.

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 29 June 2011

Originally posted by : Paras Bafna
	Dear Ankit, It was the Business only , due to which HUF has been recognised as a separate person in The Income Tax Act by the British. At that time all the members of family were carrying on the same business jointly. Now HUF is being used as a tool of tax planning.